The economic news looks promising for the future as forecasters are predicting a thaw later in the year. However, as you may know, timeshare developers are in a world of hurt right now as even the biggest companies are laying off staff and keeping amenities to a minimum.
What if you timeshare company goes bankrupt? As industry leaders go to Washington asking for a handout, you may start to hear rumors about the financial stability of your timeshare company. What do you need to know?
If you hear rumors of financial trouble, and you are considering letting go of your timeshare, time is of the essence. Selling a timeshare in good financial times can be extraordinarily difficult. In times like this, it can be impossible.
And if the timeshare company does file for bankruptcy, payments on timeshares may still need to be made as normal. If the timeshare developer is in financial trouble, you may experience problems with the overall experience of owning your timeshare. In other words, there may be an expectation to keep paying on a timeshare even if you can’t use it.
If you are concerned about the financial stability of your timeshare company, now may be a good time to get out from under your contract and get rid of your timeshare.